Requirements and Regulations

Documents required for natural persons

Identity card (Over 12 years old)
Citizenship Card.
Foreigner's Identity Card (Foreigners residing in the country).
Passport (Foreigners).
DNI (National Identity Document) for member and associate countries of MERCOSUR.
Diplomatic Card.

Required documents for legal entities (companies)

RUT (Single Tax Regime).
Chamber of Commerce Certificate.
Photocopy of R. Legal document
Document certifying the name, identification and percentage of participation of partners with more than 25% of share capital.
In case the transaction is carried out by a third party, attach a letter of authorization signed by the legal representative, indicating the amount and the origin or destination of the currency.

Foreign exchange obligations arising from the purchase and sale of foreign currency External Resolution 1 of 2018 of the Bank of the Republic

All exchange transactions for the purchase and sale of foreign currency will be carried out through the exchange declaration, which contains the identification of the declarant, the beneficiary of the transaction and other characteristics that the Bank of the Republic regulates.
The making of deposits or any other financial transaction in foreign currency or, in general, any contract or agreement between residents in foreign currency is not authorized.
The exchange professional must carry out a due diligence process on his clients, which allows him to know and verify the identity of both the client and the final beneficiary of the operation.
Purchases of foreign currency will be paid in cash when the amount is up to (USD 9,999) or its equivalent in other currencies.
The exchange professional must demand the presentation of the original identification document. He must request a copy of the identification document for currency purchase or sale operations equal to or greater than USD 1,000 or its equivalent in other currencies.

What is a PEPs?

PEPs (Politically Exposed Persons) are individuals who hold or have held high-profile public offices, both nationally and internationally. These include, for example, heads of state, ministers, legislators, supreme court judges, senior military officials, and executives of state-owned companies. Due to their positions of power and influence, PEPs are considered to be at higher risk in the context of money laundering and corruption, as they may be more vulnerable to receiving bribes or engaging in illicit activities.
Financial institutions and other entities subject to anti-money laundering and counter-terrorist financing regulations must apply enhanced due diligence when dealing with PEPs, to mitigate the risk of being used as vehicles for illicit activities.

What is SARLAFT-FPADM?

SARLAFT-FPADM se refiere a un marco normativo en Colombia diseñado para combatir el Lavado de Activos (LA), la Financiación del Terrorismo (FT) y la Financiación de la Proliferación de Armas de Destrucción Masiva (FPADM). Este sistema tiene como objetivo establecer mecanismos y controles para que las empresas prevengan, detecten y gestionen los riesgos asociados con estas actividades ilícitas.
La implementación de SARLAFT-FPADM no solo mitiga riesgos legales y reputacionales, sino que también reduce la exposición a sanciones y pérdidas financieras debido a actividades fraudulentas o de financiamiento ilícito.

Risk management system update Resolution 029 of March 2020

Transactions exceeding an amount of USD 10,000 or its equivalent in other currencies must be subject to enhanced DUE DILIGENCE, establishing the origin of the funds for carrying out the operation and their destination.
Customer knowledge includes economic activity, financial statements, and all documents that clarify the activity.
The ML/FT-PADM Risk Management System of the change professional must contemplate reinforced, intensified, effective and proportional measures to the risks they represent. The following must be evaluated:
- Background check.
- Obtaining additional documented information about the client.
- Updating information more systematically.
- Obtain information about the origin of funds and the destination of the transaction.

CUSTOMER DUE DILIGENCE – INTENSIFIED CDD

The change professional must retain the supporting documentation obtained in the application of these intensified, reinforced, effective and risk-proportionate measures, for when it is required by the control and surveillance entity.

Unusual high-value transactions are understood to be those that exceed, per operation or sum of operations with the same client in the same day or week, the amount of ten thousand United States dollars (USD 10,000) in cash, or its equivalent in other currencies.

To calculate the weekly term, the first day will be considered as the day corresponding to the date of the first currency purchase or sale operation carried out.

Opening hours

Monday to Friday 8:00 am to 6:00 pm

Saturday 8:00 am to 6:00 pm

Continuous Day